Atento Announces Reverse Share Split
Atento S.A. (NYSE: ATTO) announced that its shareholders approved a reverse share split, converting 75,406,357 ordinary shares into 15,000,000 shares at a ratio of 5.0271. This action aims to meet NYSE listing requirements due to shares trading below the $1.00 threshold for 30 consecutive days. The reverse split will take effect after trading hours on July 29, 2020, with trading on a split-adjusted basis commencing on July 30, 2020. No fractional shares will be issued, and the trading symbol will remain "ATTO".
- Reverse share split aimed at compliance with NYSE listing requirements.
- Reduced share count may enhance stock price stability.
- Triggered by a notification for not meeting NYSE minimum price threshold.
- Shares were trading below the $1.00 average closing price for 30 days.
NEW YORK, July 28, 2020 /PRNewswire/ -- Atento S.A. (NYSE: ATTO), the largest provider of customer relationship management and business process outsourcing solutions (CRM/BPO) in Latin America and among the top five providers worldwide, announced today that, at the Company's Extraordinary General Meeting of Shareholders, the Company's shareholders have approved a conversion of the Company's entire share capital of 75,406,357 ordinary shares into 15,000,000 ordinary shares, without nominal value, using a ratio of conversion of 5.027090466672970. The reverse share split is expected to be effective after trading hours on July 29, 2020. The Company's ordinary shares will begin trading on a split-adjusted basis on the New York Stock Exchange (the "NYSE") at the open of trading on July 30, 2020.
No fractional shares will be issued in connection with the reverse share split and any fractional shares that result from the share split will be rounded up to the nearest whole share. Holders of the Company's ordinary shares held in "street name" do not need to take any action in connection with the reverse share split and can contact their bank, broker or other nominee for information on their share ownership or with any questions. Shareholders who hold their ordinary shares in book-entry form should contact the Company at +55 11 3293 5926 or shay.chor@atento.com for information on their share ownership or with any questions.
The Company proposed to effect the reverse share split in response to a notification received from the NYSE that the Company's ordinary shares did not meet the minimum price threshold required under Section 802.01(C) of the NYSE Listed Company Manual since the ordinary shares traded below an average closing price of
The trading symbol for the Company's ordinary shares will remain "ATTO". The new CUSIP number for the Company's ordinary shares following the reverse stock split will be L0427L 204.
About Atento
Atento is the largest provider of customer relationship management and business process outsourcing (CRM BPO) services in Latin America, and among the top five providers globally, based on revenues. Atento is also a leading provider of nearshoring CRM/BPO services to companies that carry out their activities in the United States. Since 1999, Atento has developed its business model in 13 countries where it employs 150,000 people. Atento has over 400 clients to whom it offers a wide range of CRM/BPO services through multiple channels. Atento's clients are mostly leading multinational corporations in sectors such as telecommunications, banking and financial services, health, retail and public administrations, among others. Atento´s shares trade under the symbol ATTO on the New York Stock Exchange (NYSE). In 2019, Atento was named one of the World´s 25 Best Multinational Workplaces and one of the Best Multinationals to Work for in Latin America by Great Place to Work®. For more information visit www.atento.com
Investor Relations
Shay Chor
+55 11 3293 5926
shay.chor@atento.com
Fernando Schneider
+55 11 3779 8119
fernando.schneider@atento.com
Media Relations
Pablo Sanchez
+34 670 031347
pablo.sanchez@atento.com
Forward-Looking Statements
This press release includes statements concerning Atento and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the company's ability to continue to satisfy the NYSE's qualitative and quantitative continued listing standards of the NYSE in the future, including due to the company's financial condition or results of operations, market conditions or the market perception of the company's business, financial condition or results of operations; a determination by the Company's board of directors not to promptly implement or to abandon the proposed reverse share split in its discretion. The company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
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SOURCE Atento S.A.
FAQ
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